Jamaica Producers Group Limited (JP) and Pan Jamaican Investment Trust Limited announced on Thursday that they have entered into an agreement to transfer shares in Mavis Bank Coffee Factory Limited (MBCF) to Specialty Coffee Investments Company Limited (SCI).
Specialty Coffee is acquiring the shares through JP subsidiary JP Tropical Group Limited, and Scotts Preserves Limited, a subsidiary of Pan Jamaican Investment Trust Limited, which each own 50 per cent of the company.
Well-placed sources told the Jamaica Observer that SCI is a company owned by Michael Lee Chin, whose other investment company, AIC International Investments ,bought Wallenford Coffee Company for US$16 million ($1.6 billion) in 2013.
Published in the Observer
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